Digital asset exchange OKEx has launched a Token Trading Loyalty Program with 250 million OKB as incentives. The packages for Phase one, with an estimated supply of 1 million, were fully subscribed within two minutes. The program was then oversubscribed by more than 100% 26 minutes later and ended due to exceeding the total subscription limit. A number of customers have expressed a desire to subscribe to the program in the following phases.
OKEx Token Trading Loyalty Program is a pre-paid point system for settling token trading fees. 1 package = 100 points, which costs 100 USDT. For example, if 1 package is purchased, it will cost 100 USDT and will award 100 loyalty points and a certain amount of OKB for free (100 OKB for first phase, 83 OKB for second, 66 OKB for third).
Phase two of the Loyalty Program will be open for subscriptions on the 21st of March, 2018, while phase three will be open on the 23rd of March, 2018. Each phase lasts for 2 days, but will end early if the subscription limit is reached. A drawing system is employed for the allotment, so subscriptions are not guaranteed to be successful. Allotment result are announced after a phase ends, with any unsuccessful subscriptions will be refunded.
OKB is a global utility token issued by OK Blockchain. There is no ICO or private fund raising. The available supply of OKB is 1 billion tokens, 60% of which will be given out to customers for community building and through marketing promotions. 10% will be allocated to the operations of the foundation, 10% for initial investors and 20% for the development team. The company hopes to build a sharing community on the blockchain infrastructure, allowing every user to participate and contribute to the development of the platform.
OKB is a utility token to be used on OKEx for a wide range of services including settling trading fees, settling fees accrued interest, participating in token-listing polls, customer support and exclusive VIP benefits such as co-location servers and enhanced API rate limits.